论区域文化对企业并购决策的影响——基于游牧文化与农耕文化分类的实证研究

The Regional Culture Influence on Corporate M&A Decisions——An Empirical Research Based on the Classification of China's Nomadic and Farming Culture

笔者以2003至2011年658家民营上市公司为研究样本,以注册地与高管籍贯所在地作为区域文化代理变量,分析了游牧文化与农耕文化对企业并购决策的影响。实证结果表明,受游牧文化影响的上市公司比农耕文化影响的上市公司具有更高的并购频率;来自游牧文化区的企业高管(董事长和总经理)所在的企业具有更加活跃的并购行为。控制了企业的治理水平、财务特征和高管个人特征后,游牧文化导致的企业并购活动频繁特征仍然显著。笔者建立了我国区域文化与企业并购决策之间的关系,有助于理解文化因素在企业决策行为中的内在影响与作用机制。

Using the sample of 658 private listed companies from 2003 to 2011,and employing places of incorporation and executives＇native places as the regional cultural proxy variables,this paper investigates the impact of nomadic-culture and farming-culture on corporate decisions on mergers and acquisitions.The empirical results show that,public companies,influenced by nomadic culture,tend to acquire more frequent than those under the influence of farming-culture;the companies with executives（Chairman of the Board and General Manager）originate from nomadic-districts took more active MAs.The nomadic-culture caused frequent MA activities remain significant after control for the level of corporate governance,financial features and CEO＇s personal characteristics.Our study examines the connections between China＇s regional culture and mergers decisions,and helps to understand the underlying effects and mechanism of cultural factors in corporate decision-makings.